(Kitco News) - Gold prices are slightly up in midday U.S. futures trading Wednesday. This week sees the global marketplace upbeat, as traders and investors at present are reckoning the worst of the coronavirus outbreak has passed. Global stock markets are in rally mode. Yet, the gold market is showing keen resilience despite the lack of risk presently in the marketplace. February gold futures were last up $1.60 an ounce at 1,571.80. March Comex silver prices were last down $0.102 at $17.495 an ounce.
Trader and investor risk appetite is keener around the globe at midweek. While the coronavirus outbreak continues to spread, the rate of growth of new cases is slowing. There are now over 1,000 reported dead in China and over 44,000 afflicted. Still, there are reports in Asian countries of supply chains and local commerce being significantly interrupted by the outbreak. OPEC has just lowered its global demand outlook for crude oil, based on the outbreak.
The key outside markets today see crude oil prices higher and trading around $51.25 a barrel. Meantime, the U.S. dollar index is up in midday U.S. trading and not far below this week’s multi-month high.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures prices closed nearer the session high today. The bulls have the overall near-term technical advantage. However, they need to show more power to restart a three-month-old price uptrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the February high of $1,598.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,542.80. First resistance is seen at this week’s high of $1,580.50 and then at $1,590.00. First support is seen at today’s low of $1,564.40 and then at $1,560.00. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures prices closed nearer the session low today. The silver bears have the overall near-term technical advantage. A four-week-old price downtrend line is in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.00. First resistance is seen at this week’s high of $17.825 and then at $18.00. Next support is seen at today’s low of $17.44 and then at the January low of $17.28. Wyckoff's Market Rating: 4.0.
March N.Y. copper closed up 190 points at 260.20 cents today. Prices closed nearer the session high today. The copper bears have the overall near-term technical advantage. A bearish pennant pattern has formed on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 270.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 248.75 cents. First resistance is seen at today’s high of 261.00 cents and then at the February high of 262.25 cents. First support is seen at today’s low of 258.00 cents and then at 255.55 cents. Wyckoff's Market Rating: 3.0.
